Drill bits for boring holes of preselected diameters in a workpiece are known. Such bits come in a variety of styles. One type of bit is known as a wood auger. This type of bit includes a shank that has one end adapted to be connected to a chuck of a rotary tool such as a drill or power driver. The opposite end of the shank supports a wood auger that comprises a flute that terminates in a cutting face for cutting a bore in the workpiece. Another type of bit is known as a spade bit or paddle bit. This type of bit includes a shank that has one end adapted to be releasably connected to a chuck of a rotary tool such as a drill or driver. The opposite end of the shank supports a cutting member where the cutting member is a substantially flat, relatively thin blade. Yet another type of bit is a fluted bit that has a plurality of flutes formed in spirals around the longitudinal axis of the bit. The flutes define cutting edges for cutting the workpiece. The drill bits may also be formed with a pilot tip such as a screw tip or pilot point along their longitudinal axis for guiding the bit into and through the workpiece. Such tips may be made replaceable such that if the tip is broken or otherwise damaged it can be removed and a new tip attached.
While various types of drill bits are known, an improved bit with a replaceable tip is desired.